Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Community Bank N.A.

Community Bank N.A. trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,056 shares of the semiconductor manufacturer's stock after selling 3,362 shares during the quarter. Broadcom makes up approximately 1.0% of Community Bank N.A.'s investment portfolio, making the stock its 23rd largest position. Community Bank N.A.'s holdings in Broadcom were worth $7,711,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 0.8%

Shares of AVGO opened at $251.26 on Thursday. The company's 50-day moving average price is $217.54 and its 200 day moving average price is $211.02. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.18 trillion, a P/E ratio of 94.10, a price-to-earnings-growth ratio of 1.77 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the business earned $10.96 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research reports. Oppenheimer raised their target price on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. UBS Group increased their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $250.35, for a total value of $200,280.00. Following the sale, the director now owns 25,382 shares in the company, valued at approximately $6,354,383.70. The trade was a 3.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 849,134 shares of company stock worth $163,760,949 over the last ninety days. Corporate insiders own 2.00% of the company's stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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